Capital raises and clinic rollouts: healthcare’s winners and losers in Week 7

Pro Medicus (ASX:PME) led the week’s big moves, falling -25.00%. Noxopharm (ASX:NOX) went the other way, jumping 27.12%. Cochlear (ASX:COH) rounded out the top three by absolute move, sliding -20.37%.

Big caps: results didn’t stop the selling

Pro Medicus reported a strong half-year. Revenue rose 28.4% to $124.8 million and it signed seven new contracts worth more than $280 million. Despite that, the share price fell heavily. The simplest read is that investors expected even more after earlier gains, so some chose to take profits. Cochlear’s update was easier to map to the sell-off. Sales rose 1% to $1,176 million, but underlying net profit fell 9% to about $195 million. The company said the Nucleus Nexa System rollout has taken longer because registrations and contract renewals moved slowly. In plain terms: new product sales arrived later than hoped, so profit growth also arrived later. CSL (ASX:CSL) also sank -16.89% after reporting a steep fall in reported profit, driven by US$2.06 billion of restructuring and impairment charges. The company kept its interim dividend at US$1.30 and reaffirmed FY26 guidance. It also lifted its buy-back to US$750 million. Still, large one-off costs can spook investors because they make it harder to see what the business earned in the period.

Biotech funding: bigger cheques, longer runways

PYC Therapeutics (ASX:PYC) opened a retail entitlement offer as part of a push to raise up to about A$653 million at $1.50 per share. The pitch is straightforward: more cash now to run more trials, including studies that can support registration and first-in-human testing for four RNA drug candidates. PYC also flagged a cash runway through to 2030 if the raise completes as planned. Investors usually like a longer cash runway, but large raises can pressure the share price because more shares are issued. Cyclopharm (ASX:CYC) fell -15.74% after completing the first tranche of a $14 million placement at 95 cents, with a second tranche pending. Placements are a fast way to raise cash, but they can pull the share price toward the placement price in the short term. AVITA Medical (ASX:AVH) was almost flat on the week at -0.92%, but the detail mattered. The company reported 11% revenue growth in 2025 to US$71.6 million and guided to US$80, 85 million for 2026. It also secured a new US$60 million credit facility. At the same time, management flagged “going concern” language due to recurring losses and debt obligations. In plain English: sales are growing, but the company still needs careful cash management.

Diagnostics: strong claims, but proof needs scale

Noxopharm’s rally followed publication of its Sofra™ platform work in Nature Immunology. Investors care because publication in a top journal can validate the science and make it easier to attract partners or funding. The risk is that good science does not always become an approved medicine. BlinkLab (ASX:BB1) rose 6.11% after Drexel University joined its FDA 510(k) pivotal autism diagnostic trial. The network now spans nine US sites, ahead of a planned Q1 2026 study start. BlinkLab pointed to pilot study results above FDA benchmarks. The next test is whether results hold up when the trial expands to around 528 children. TruScreen (ASX:TRU) gained 6.67% after a large study of nearly 15,000 women supported its cervical screening performance. The company says results were better than liquid-based cytology and comparable to high-risk HPV testing for severe precancer lesions. Commercial value depends on whether guidelines and buyers adopt it, especially in China and other emerging markets. Rhythm Biosciences (ASX:RHY) fell -14.29% even as it enrolled the first physician in its ColoSTAT Access Program. Access programs can help train clinics and gather real-world data. They can also be slow to translate into paid volume, which may explain the weak share response.

Market access and deals: getting products into hands

ECS Botanics (ASX:ECS) climbed 10.00% after signing a German distribution deal with Nimbus Health. Germany is Europe’s largest medicinal cannabis market. ECS plans to launch OzSun in April 2026, with premium Terphogz strains later in 2026. The key risk is timing: the revenue impact depends on the launch schedule and demand. Ramsay Health Care (ASX:RHC) added 2.93% after ACCC approval for its acquisition of National Capital Private Hospital, with completion expected in 1Q FY27. Approval reduces deal risk, but investors still need details on price and integration plans. BTC Health (ASX:BTC) rose 7.69% after its investee BTC Cardio secured exclusive Australian rights to distribute Jafron hemoperfusion cartridges, targeting a 2026 launch pending TGA approval. In plain terms: it has a sales deal, but it cannot sell until regulators allow it. Osteopore (ASX:OSX) was flat on the week, but it announced a three-year Latin America distribution agreement (excluding Brazil). The market is forecast to grow to about AUD 509 million by 2028. The immediate question is how quickly that agreement turns into orders.